Property industry pens open letter to Gove calling for help to speed up transactions

Several key figures from across the property industry have come together to call on the Government to support improving speed and efficiency in the home buying and selling process.

In an open letter to Michael Gove MP, Secretary of State for Levelling Up, Housing and Communities, it is requested that the Government to work alongside businesses across the sector to create a new “Time to Buy” strategy.

This aims to set out a plan for the future of the market and support businesses to take up technology and innovative solutions. This, they say, could “make the process more effective, certain, and open up the prospect of a faster process in a matter of months”.

Signatories include:

  • Landmark Information Group
  • Mortgage Advice Bureau
  • L&C Mortgages
  • Yopa
  • Simplify
  • O’Neill Patient
  • Enact
  • TwentyCi

It is said that the current homebuying process is “too slow and uncertain”, having a knock-on effect on the wider economy and leaving movers “in limbo, frustrated, and anxious”.

They quote the reported average transaction speed of 133 days, which Landmark Information Group say is almost 80% longer than in 2007.

Calling for “greater data sharing, more upfront information, and standardised tools across the industry”, they said:

“We know [the current process] is not working in the interest of the market, the government, or the economy, and we need to work together to act now.

Industry must commit to reform the analogue processes that powers the home buying and selling process and adopt new, innovative solutions that are powered by technology and data.”

This, they say, will also help “stretched professionals” better support homemovers. “These solutions can be delivered now by leading industry players but can be turboc harged with government endorsement and support,” they added.

Simon Brown, CEO for Landmark Information Group, said:

The UK’s home-moving process suffers from systemic challenges, with duplication and inefficiencies leading to delays for home-movers…

…We want to create a more efficient and better-connected market, where everyone benefits from shared data and insights. To achieve this ambition, we’re bringing the industry together to call on Government to drive forward reform to make the home-moving process work better for everyone.”

Verona Frankish, CEO for Yopa said:

“The Time to Buy strategy is vital for the continued health of the property market, and the needs of home movers all over the UK so that transactions can take place in a reasonable time frame and with certainty.”

Ben Thompson, Deputy CEO for Mortgage Advice Bureau said:

“The UK needs a fluid housing market where people who need to move home can do so with confidence and also with a far greater degree of ease. By solving this problem and achieving this, not only will this make people’s lives easier, but the UK economy will also benefit from the multiplier effect of more home moves each year, and that has to be a good thing too.” 

3 Responses

  1. What a nice polite way of pointing out that HSBG group has been a failure that hasn’t actually changed anything.

    1. That’s one conclusion Matt, although the contents of the letter these companies have signed support every one of the initiatives that HBSG is working on, with DLUHC. So another conclusion would be that the HBSG is working, just not as fast as you would like!

  2. I’m all for improving the home buying and selling process, but haven’t these signatories missed a trick? There are a lot of well-known names not included. Were they even asked if they wanted to support this initiative (it certainly passed me by)? If not, why not?

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